The private placement of Emerald Development & Projects Management has been oversubscribed by 190%.
Who is affected🤷: Earlier this month, the FRA approved Emerald Developments’ (EMDE) prospectus to float 45 million shares, equivalent to a 10.59% stake in the company, at EGP 1.28 per share on the Nile Exchange. Of the 45 million shares, 29.25 are allocated to institutional & high net worth investors, with the remaining being a public offering.
Why is this important🤔: Two EGX companies collectively own most of EMDE, with Odin Investments (ODIN) owning >50% & Egyptians Housing & Development (EHDR) owning 49.9%. Both companies aim to establish a Hotel Apartment Project on the plot of land owned by Emerald, overlooking the Nile Corniche in Maadi, on an area of 6,245 square meters.